Community Bankers Acquisition needs more time to solicit proxies in merger deals

By Lisa Kerner

Charlotte, N.C., May 20 - Community Bankers Acquisition Corp. adjourned its annual meeting and special meeting on Tuesday to give management additional time to solicit proxies for the proposed business combination with TransCommunity Financial Corp. and the proposed merger with BOE Financial Services of Virginia, Inc.

The Community Bankers annual meeting will reconvene at 10 a.m. ET on Friday, and the special meeting will reconvene at 11 a.m. ET on Friday, a company news release stated.

The record date for both meetings remains March 25.

Community Bankers said there can be no assurance it will be able to obtain the votes required to approve the proposal to adopt the agreements with TransCommunity and BOE Financial.

In December, BOE Financial agreed to merge with and into Community Bankers in a deal valued at some $52 million, or a minimum of $42.50 per share.

BOE Financial shareholders will receive 5.7278 shares of Community Bankers common stock for each share of BOE Financial common stock held, according to a prior news release.

It was previously reported that TransCommunity Financial also entered into a plan of merger with Community Bankers. The BOE Financial merger is contingent on completion of the TransCommunity/Community Bankers transaction.

The resulting holding company will be named Community Bankers Trust Corp. and will be based in Glen Allen, Va., and led by Community Bankers president and chief executive officer Gary A. Simanson.

Community Bankers is a blank check company formed in 2005 to acquire a commercial bank. It is based in Great Falls, Va.

Based in Tappahannock, Va., BOE Financial is the holding company for Bank of Essex.

TransCommunity is a banking services company located in Glen Allen, Va.

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